What was the July OSP for Saudi Arabia's Arab Light crude to Asia, and how much did it decrease from June?

The July official selling price (OSP) for Saudi Arabia's flagship Arab Light crude to Asia was set at a premium of $9.50 per barrel above the average Dubai and Oman quotes, representing a $6 per barrel decrease from the June OSP.

Why did Saudi Aramco cut its July OSPs for crude oil to Asia, and what role did demand conditions play?

Saudi Aramco cut its July OSPs for crude oil to Asia for a second consecutive month due to easing spot premiums and slow demand, particularly as Chinese refiners—facing mounting refining losses—cut processing rates and drew down inventories, leading to sharply lower imports of Saudi crude in May and June.

Saudi Arabia Sharply Cuts July OSP for Asia on Slow Demand

Jun 7, 2026

Saudi Aramco cut July crude oil OSPs to Asia by $6 per barrel due to weak demand and refining losses in China, despite higher prices driven by regional geopolitical tensions.

reuters

2026-01-19

Saudi Arabia Significantly Cuts February Crude Oil Prices

2026-05-05

Saudi Arabia Cuts Oil Prices for June From Record-High Premium

2026-05-05

Saudi Arabia Cuts Arab Light June OSP for Asia

2026-06-07

Saudis Cut July Oil Prices to Asia, Though Still at Decades High

2026-06-07

Saudi Arabia Sharply Cuts July OSP for Asia on Slow Demand